In a swift transaction, Blueprint’s Connor Doherty, Ryan Kelly and Dan Mahoney closed the sale of a CCRC in Richmond Heights, Ohio (Cleveland area), just 55 days from offer acceptance to closing. That fast track, helped by the buyer paying all cash, got the deal completed before year-end, enabling the new owner to benefit from Ohio’s improved reimbursement environment. The property, Richmond Heights Place, may need that, as it was losing money at the time of the sale.
Nearly 25 years old, the 138-unit community was previously owned by a West Coast-based owner/operator that was making a strategic exit. A well capitalized private owner/operator looking to expand and increase its scale in the Midwest ended up as the buyer, for an undisclosed price.
